All Forum Posts by: Brian Knox

Welcome @Kristy Ruff! I'm a buy-and-hold rental investor in Mauldin and we have a great BP group here in the upstate. 

We're always happy to help or network in any way! It's cool to hear what you all having going on.

I, too, am a Clemson alum (2000, sounds old!). What a great win against ND last night.

One fun suggestion of a place to start would be: Listening to the two podcasts that @Chad Carson is on. And reading his blog posts.

Reach out any time.

Soon, I plan to be taking on my first commercial property to manage (tenant placement, rent collection, repairs, turnovers, etc).

Since the person I am taking over for (the building's original owner, now 69 yrs-old) is a little antiquated and has no real systems in place, I'm wondering: what are some quick wins that would update and modernize how the property gets managed?

Some thoughts of what to do right away:

• See if the property is earning the market rate for rents (current owner says she does not know the market and has never checked).
• Find out if having the four tenants pay their rent online is an option.
• Track the leases (current owner has lost track of who is month-to-month, who is due for a rent increase, etc).
• Shop the insurance to see if they're overpaying.

Since I'm new to this realm, I wondered: what else can a new commercial prop. manager do to quickly add value for their clients?

What would you suggest?

Brian in Mauldin, SC

Amen to that, Jason. They were JUST talking about the need for the Upstate forum on the latest podcast (the one with Chad Carson from Clemson).

I can't believe they don't have Greenville/Upstate as a choice!

Would anyone happen to have reference for an investor-friendly Realtor in the Greenville, SC area?

As I pursue properties in Simpsonville, Mauldin, Fountain Inn, and Greenville, I'm in search of a Realtor who:

1) Is willing to work with a guy who is only going to spend $40-75k on an investment property. (And not mention repeatedly about how small potatoes I am, like my last Realtor). I'm well aware that this price range doesn't make me a big fish! ; )

2) Is comfortable making low-ish offers.

3) Who is equipped to make offers at showings and distribute documents through DotLoop or similar.

I'd love to hear any recommendations or referrals you may have!

Brian

Pending an inspection, I think I just bought a rental property here in Greenville!  Wahoo! It is a bank foreclosure that was sold as is. I am trying to be unemotional because I trust the numbers I used, but this is only my second all-time purchase so - I must admit - I've got a few nerves. : )

In that 10-day inspection period, what are the things you guys would check in order to make 100% sure you want to go through with the purchase?

A few things I am planning on so far.

1) Get the inspection.

2) Turn the water on to the house and look for leaks.

3) Camera the main sewer line (to look for breakages or root intrusions).

What else could I be doing?

Thanks for your insights!

Brian

Asbestos siding on the exterior: deal breaker or not?

The property I was headed to look at and hopefully make an offer on has asbestos shingles. I'm a little sad because everything else on the property seems in-line (crawlspace, HVAC, roof, etc). In fact, it was one of those deals that makes you go "wait, this seems a little too good." Nevertheless, I've looked at about 55 properties prior to this one so I am also thinking I may have just finally found the right deal (after sifting through enough non-deals).

I'd be keeping the property as a buy-and-hold rental for as long as I can. I'm more after slow growing cash flow than an immediate profit.

I'm presently researching all I can on asbestos but wanted to ask:

• Have you had a property that had asbestos?
• When it came time to replace the exterior siding, was the abatement cost for the asbestos enough to make the deal a bad one?
• What other things might I need to know about asbestos siding before making an offer?

I really appreciate your feedback!

Brian

I have never wholesaled a deal but may have an opportunity! This is in the Greenville Easley Anderson area.

As a novice, I'm requesting any insight y'all can give on how to handle this:

• My dad has unintentionally located a distressed seller (a long-time employee whose mother passed away).
• The 2BR/1BA house is long since paid off so there is equity.
• The house is 45 minutes a way from me so we'd rather wholesale than buy/hold.
• When my father asked his worker "what can I do to help?" the daughter said "one thing I need to do is get rid of the house."
• My dad said "we can help with that."

Thanks to my BP friends, I do have the SC Contract of Sale form. What are my next steps to complete a wholesale deal?

Determine an approximate value of the house? Find out how much the daughter wants for her mother's house? Find a buyer for the house via Craigslist? Get the contract filled out with it being sold to "Dad and/or assigns"? Determine an assignment fee that is very fair and upstanding (how do I do this?)? Hand the contract over to our lawyer?

I don't want to over-complicate this and I'm really excited to finally take action.

I appreciate any pointers you can share!

Brian

Welcome, Bob! Happy to have you on here. We are all willing to help and learn in every way possible.

I grew up in SVille near Fountain Inn. It's a great little town!

Welcome, Eric! We have a great crew on here. It's quite responsive and there are some awesome magnates who are quite down-to-earth and willing to help.

Are you from the Greenville area originally? Or what brought you here?

Take care, Brian

Looking for insight on how my sister and father should split the profits from their first flip:

The way it's worked:

• Dad put up $100k of the $114k sales price (bought on Auction.com in a "cash only" transaction). Sister put in $14k. Sister is paying for all rehab costs with her cash.
• Sister is managing all of the subcontractors (thus far: debris removal, garage door repair, HVAC replacement, deck refurbishing, flooring, and painting).
• Dad was looking for an investment vehicle besides savings accounts and the stock market, but would never have pursued Real Estate if not for Sister.
• Sister has a track record as a buy-and-hold landlord (of 10 properties) with some small rehabbing, but has never managed a large-scale flip.
• Sister will sell the house as a FSBO once it's done.

Likely to happen:

Profit: $25k

Selling price: $175k

Purchase price: $114k

Rehab costs & selling costs: $36k

How might you split up the $25k? Should Sister just receive a flat fee (for being the manager) plus her % of the profits? Do they split it 50/50? Should Sister be paid an hourly wage (this can get cumbersome)?

I appreciate any insights you can share and am open to all possibilities. Dad and Sister are both so laid back (and surprisingly successful for being so casual) that they didn't even bother to hammer out the details beforehand because they did not know how things might go.

Brian